Pacific Mercantile Reports Improved Earnings

Pacific Mercantile Bancorp, Newport Beach parent company of Pacific Mercantile Bank, reported net income of $388,000, or 6 cents a share, for the fourth quarter, contrasted with a net loss of $1.2 million, or 33 cents a share, for the same quarter of 1999. Net income for the year totaled $127,000, or 2 cents a share, contrasted with a year-earlier net loss of $2.8 million, or $1.12 a share, for 1999. Total assets grew 78% to $163 million.